Maharah H1 2021 net profit declines 34% to SAR 70 mln

Maharah Human Resources Co. reported a net profit after Zakat and tax of SAR 70 million for the first half of 2021, a 34% decrease, compared to SAR 106.7 million in the same period a year ago.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	742.24	644.23	(13.2 %)
Gross Income	152.92	109.03	(28.7 %)
Operating Income	114.21	75.44	(33.9 %)
Net Income	106.68	70.03	(34.4 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.22	0.15	(34.4 %)

The company attributed the profit drop to a 13% decline year-on-year (YoY) in revenue and a 29% decrease YoY in gross profit.

Revenue of corporate and individual sectors decreased by 14% and 11% YoY, respectively, as a result of the decline in the average number of resources, driven by lower number of arrivals due to the continuing suspension of the international flights from the sourcing countries as one of the consequences of the spread of COVID-19.

Maharah also incurred a finance cost of SAR 1.9 million to reflect the present value of long-term accounts receivable.

On the other hand, there was a reversal of doubtful debt provision by SAR 4.2 million due to improved collections in accordance with the expected credit loss (ECL) model.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	352.49	322.62	(8.5 %)
Gross Income	73.89	53.86	(27.1 %)
Operating Income	54.45	41.94	(23.0 %)
Net Income	49.42	38.71	(21.7 %)
Average Shares	475.00	475.00	-
EPS (Riyals)	0.10	0.08	(21.7 %)

Item	Q1 2021	Q2 2021	Change‬
Revenues	321.61	322.62	0.3 %
Gross Income	55.17	53.86	(2.4 %)
Operating Income	33.50	41.94	25.2 %
Net Income	31.32	38.71	23.6 %
Average Shares	475.00	475.00	-
EPS (Riyals)	0.07	0.08	23.6 %

The company’s Q2 2021 net profit after Zakat and tax fell 22% year-on-year (YoY) to SAR 38.7 million due to an 8% drop in revenue and 28% decline in gross profit.

On a quarterly basis, Q2 net profit jumped 23.5% on drop in general and administrative expenses.

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Share Price

Maharah Human Resources Co. (MAHARAH)

	Current
Market Cap (M Riyal)	3,301.25
Enterprise Value (EV) (M)	3,784.75
Shares Outstanding ((M))	475.00
EPS ( Riyal) (TTM)	0.26
Book Value (BV) ( Riyal)	1.31
Par Value ( Riyal)	1.00
Adjusted P/E (Last12)	27.02
P/E (TTM)	27.02
Price/book	5.30
Return on Average Assets (%) (TTM)	6.8
Return on Average Equity (%) (TTM)	19.7

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	425.60	-	140.15	-	87.40	-
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	957.76	125.0 %	264.55	88.8 %	205.26	134.9 %
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	1,181.43	23.4 %	336.79	27.3 %	242.22	18.0 %
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	300.87	-	85.38	-	46.36	-
2017	1,167.95	(1.1 %)	303.18	(10.0 %)	199.90	(17.5 %)
Q1 2018	327.38	-	62.73	-	42.98	-
Q2 2018	337.52	-	77.03	-	61.53	-
Q3 2018	343.90	-	82.49	-	69.59	-
Q4 2018	343.12	14.0 %	76.13	(10.8 %)	54.02	16.5 %
2018	1,351.92	15.8 %	298.38	(1.6 %)	228.12	14.1 %
Q1 2019	372.88	13.9 %	79.77	27.2 %	60.85	41.6 %
Q2 2019	367.22	8.8 %	86.93	12.8 %	70.77	15.0 %
Q3 2019	386.37	12.3 %	106.27	28.8 %	87.11	25.2 %
Q4 2019	385.83	12.4 %	106.84	40.3 %	85.20	57.7 %
2019	1,512.30	11.9 %	379.81	27.3 %	303.93	33.2 %
Q1 2020	389.76	4.5 %	79.03	(0.9 %)	59.76	(1.8 %)
Q2 2020	352.49	(4.0 %)	73.89	(15.0 %)	54.45	(23.1 %)
Q3 2020	342.07	(11.5 %)	62.79	(40.9 %)	47.47	(45.5 %)
Q4 2020	332.04	(13.9 %)	46.98	(56.0 %)	21.35	(74.9 %)
2020	1,416.36	(6.3 %)	262.69	(30.8 %)	183.03	(39.8 %)
Q1 2021	321.61	(17.5 %)	55.17	(30.2 %)	33.50	(44.0 %)
Q2 2021	322.62	(8.5 %)	53.86	(27.1 %)	41.94	(23.0 %)

Period	Revenues	Change	Gross Income	Change	Operating Income	Change
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	425.60	-	140.15	-	87.40	-
2015	957.76	125.0 %	264.55	88.8 %	205.26	134.9 %
2016	1,181.43	23.4 %	336.79	27.3 %	242.22	18.0 %
2017	1,167.95	(1.1 %)	303.18	(10.0 %)	199.90	(17.5 %)
2018	1,351.92	15.8 %	298.38	(1.6 %)	228.12	14.1 %
2019	1,512.30	11.9 %	379.81	27.3 %	303.93	33.2 %
2020	1,416.36	(6.3 %)	262.69	(30.8 %)	183.03	(39.8 %)

Profit Performance (Million)

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
Q1 2012	-	-	-	-	-	-
Q2 2012	-	-	-	-	-	-
Q3 2012	-	-	-	-	-	-
Q4 2012	-	-	-	-	-	-
2012	-	-	-	-	-	-
Q1 2013	-	-	-	-	-	-
Q2 2013	-	-	-	-	-	-
Q3 2013	-	-	-	-	-	-
Q4 2013	-	-	-	-	-	-
2013	-	-	-	-	-	-
Q1 2014	-	-	-	-	-	-
Q2 2014	-	-	-	-	-	-
Q3 2014	-	-	-	-	-	-
Q4 2014	-	-	-	-	-	-
2014	86.20	-	0.18	-	86.20	0.18
Q1 2015	-	-	-	-	-	-
Q2 2015	-	-	-	-	-	-
Q3 2015	-	-	-	-	-	-
Q4 2015	-	-	-	-	-	-
2015	199.19	131.1 %	0.42	-	199.19	0.42
Q1 2016	-	-	-	-	-	-
Q2 2016	-	-	-	-	-	-
Q3 2016	-	-	-	-	-	-
Q4 2016	-	-	-	-	-	-
2016	238.57	19.8 %	0.50	-	238.57	0.50
Q1 2017	-	-	-	-	-	-
Q2 2017	-	-	-	-	-	-
Q3 2017	-	-	-	-	-	-
Q4 2017	63.26	-	0.13	2.58	60.68	0.13
2017	208.08	(12.8 %)	0.44	2.58	205.50	0.43
Q1 2018	48.02	-	0.10	-	48.02	0.10
Q2 2018	57.59	-	0.12	-	57.59	0.12
Q3 2018	69.35	-	0.15	-	69.35	0.15
Q4 2018	47.30	(25.2 %)	0.10	-	47.30	0.10
2018	222.25	6.8 %	0.47	-	222.25	0.47
Q1 2019	54.02	12.5 %	0.11	-	54.02	0.11
Q2 2019	71.99	25.0 %	0.15	1.73	70.26	0.15
Q3 2019	80.13	15.5 %	0.17	-	80.13	0.17
Q4 2019	65.95	39.5 %	0.14	-	65.95	0.14
2019	272.09	22.4 %	0.57	1.73	270.36	0.57
Q1 2020	57.25	6.0 %	0.12	-	57.25	0.12
Q2 2020	49.42	(31.3 %)	0.10	-	49.42	0.10
Q3 2020	48.11	(40.0 %)	0.10	-	48.11	0.10
Q4 2020	22.53	(65.8 %)	0.05	-	22.53	0.05
2020	177.32	(34.8 %)	0.37	-	177.32	0.37
Q1 2021	31.32	(45.3 %)	0.07	-	31.32	0.07
Q2 2021	38.71	(21.7 %)	0.08	-	38.71	0.08

Period	Net Income	Change	EPS(Riyal)	Extraordinary Income/Expense	Net Profit Before Unusual Items	EPS Before XO Items
2011	-	-	-	-	-	-
2012	-	-	-	-	-	-
2013	-	-	-	-	-	-
2014	86.20	-	0.18	-	86.20	0.18
2015	199.19	131.1 %	0.42	-	199.19	0.42
2016	238.57	19.8 %	0.50	-	238.57	0.50
2017	208.08	(12.8 %)	0.44	2.58	205.50	0.43
2018	222.25	6.8 %	0.47	-	222.25	0.47
2019	272.09	22.4 %	0.57	1.73	270.36	0.57
2020	177.32	(34.8 %)	0.37	-	177.32	0.37

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
2014	32.93 %	21.20 %	20.25 %
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
2015	27.62 %	21.75 %	20.80 %
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
2016	28.51 %	20.94 %	20.19 %
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
2017	25.96 %	17.67 %	17.60 %
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	23.49 %	17.47 %	17.99 %
Q4 2018	22.07 %	17.76 %	16.44 %
2018	22.07 %	17.76 %	16.44 %
Q1 2019	22.57 %	18.66 %	16.33 %
Q2 2019	22.80 %	19.09 %	16.88 %
Q3 2019	23.75 %	20.01 %	17.13 %
Q4 2019	25.11 %	21.47 %	17.88 %
2019	25.11 %	21.47 %	17.88 %
Q1 2020	24.79 %	21.22 %	17.89 %
Q2 2020	24.17 %	20.47 %	16.69 %
Q3 2020	21.94 %	18.34 %	15.02 %
Q4 2020	18.55 %	14.60 %	12.52 %
2020	18.55 %	14.60 %	12.52 %
Q1 2021	17.71 %	13.39 %	11.23 %
Q2 2021	16.60 %	12.70 %	10.67 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	32.93 %	21.20 %	20.25 %
2015	27.62 %	21.75 %	20.80 %
2016	28.51 %	20.94 %	20.19 %
2017	25.96 %	17.67 %	17.60 %
2018	22.07 %	17.76 %	16.44 %
2019	25.11 %	21.47 %	17.88 %
2020	18.55 %	14.60 %	12.52 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	28.38 %	15.90 %	20.17 %
Q1 2018	19.16 %	13.95 %	14.67 %
Q2 2018	22.82 %	18.92 %	17.06 %
Q3 2018	23.99 %	20.78 %	20.16 %
Q4 2018	22.19 %	17.22 %	13.78 %
Q1 2019	21.39 %	17.78 %	14.49 %
Q2 2019	23.67 %	20.58 %	19.13 %
Q3 2019	27.50 %	24.08 %	20.74 %
Q4 2019	27.69 %	23.29 %	17.09 %
Q1 2020	20.28 %	16.96 %	14.69 %
Q2 2020	20.96 %	17.31 %	14.02 %
Q3 2020	18.36 %	15.38 %	14.07 %
Q4 2020	14.15 %	8.15 %	6.78 %
Q1 2021	17.15 %	12.37 %	9.74 %
Q2 2021	16.69 %	14.84 %	12.00 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2012	-	-	-	-
Q2 2012	-	-	-	-
Q3 2012	-	-	-	-
Q4 2012	-	-	-	-
Q1 2013	-	-	-	-
Q2 2013	-	-	-	-
Q3 2013	-	-	-	-
Q4 2013	-	-	-	-
Q1 2014	-	-	-	-
Q2 2014	-	-	-	-
Q3 2014	-	-	-	-
Q4 2014	-	-	-	-
Q1 2015	-	-	-	-
Q2 2015	-	-	-	-
Q3 2015	-	-	-	-
Q4 2015	-	-	-	-
Q1 2016	-	-	-	-
Q2 2016	-	-	-	-
Q3 2016	-	-	-	-
Q4 2016	-	-	-	-
Q1 2017	-	-	-	-
Q2 2017	-	-	-	-
Q3 2017	-	-	-	-
Q4 2017	475.00	-	-	0.56
Q1 2018	475.00	-	-	-
Q2 2018	475.00	-	-	-
Q3 2018	475.00	0.50	0.50	0.93
Q4 2018	475.00	0.47	0.47	0.91
Q1 2019	475.00	0.48	0.48	1.02
Q2 2019	475.00	0.51	0.51	1.17
Q3 2019	475.00	0.53	0.53	1.12
Q4 2019	475.00	0.57	0.57	1.24
Q1 2020	475.00	0.58	0.58	1.11
Q2 2020	475.00	0.53	0.53	1.21
Q3 2020	475.00	0.46	0.46	1.13
Q4 2020	475.00	0.37	0.37	1.18
Q1 2021	475.00	0.32	0.32	1.08
Q2 2021	475.00	0.30	0.30	1.16

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2011	-	-	-	-
2012	-	-	-	-
2013	-	-	-	-
2014	475.00	0.18	0.18	0.34
2015	475.00	0.42	0.42	0.54
2016	475.00	0.50	0.50	0.45
2017	475.00	0.44	0.43	0.56
2018	475.00	0.47	0.47	0.91
2019	475.00	0.57	0.57	1.24
2020	475.00	0.37	0.37	1.18

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2012	-	-	-
Q2 2012	-	-	-
Q3 2012	-	-	-
Q4 2012	-	-	-
Q1 2013	-	-	-
Q2 2013	-	-	-
Q3 2013	-	-	-
Q4 2013	-	-	-
Q1 2014	-	-	-
Q2 2014	-	-	-
Q3 2014	-	-	-
Q4 2014	-	-	-
Q1 2015	-	-	-
Q2 2015	-	-	-
Q3 2015	-	-	-
Q4 2015	-	-	-
Q1 2016	-	-	-
Q2 2016	-	-	-
Q3 2016	-	-	-
Q4 2016	-	-	-
Q1 2017	-	-	-
Q2 2017	-	-	-
Q3 2017	-	-	-
Q4 2017	-	-	-
Q1 2018	-	-	-
Q2 2018	-	-	-
Q3 2018	-	-	-
Q4 2018	-	-	-
Q1 2019	-	-	-
Q2 2019	13.45	13.54	5.89
Q3 2019	14.80	14.90	7.05
Q4 2019	11.87	11.94	5.47
Q1 2020	7.90	7.95	4.13
Q2 2020	10.24	10.24	4.51
Q3 2020	13.66	13.66	5.60
Q4 2020	15.97	15.97	5.07
Q1 2021	17.89	17.89	5.26
Q2 2021	21.01	21.01	5.37

Period	P/E	Adjusted P/E	Price/book
2011	-	-	-
2012	-	-	-
2013	-	-	-
2014	-	-	-
2015	-	-	-
2016	-	-	-
2017	-	-	-
2018	-	-	-
2019	11.87	11.94	5.47
2020	15.97	15.97	5.07

Business Segments (Million)

Compared With The

Period	Corporate	Individuals	Facility Management	Eliminations
Q4 2017	215.85	85.02	-	-
Q1 2018	230.97	96.41	-	-
Q2 2018	240.47	97.05	-	-
Q3 2018	245.31	98.60	-	-
Q4 2018	243.87	99.26	-	-
Q1 2019	268.44	104.44	-	-
Q2 2019	269.67	97.55	-	-
Q3 2019	283.46	102.91	-	-
Q4 2019	270.89	114.93	-	-
Q1 2020	282.91	106.85	-	-
Q2 2020	256.86	95.62	-	-
Q3 2020	251.87	90.20	-	-
Q4 2020	243.01	89.04	-	-
Q1 2021	232.94	88.68	-	-
Q2 2021	230.33	92.29	-	-

Period	Corporate	Individuals	Facility Management	Eliminations
2015	-	47.92	-	-
2016	992.04	189.39	-	-
2017	879.32	288.62	-	-
2018	960.61	391.32	-	-
2019	1,092.47	419.83	-	-
2020	1,034.65	381.71	-	-

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Maharah H1 2021 net profit declines 34% to SAR 70 mln

Financials (M)

Current Quarter Comparison (M)

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Share Price

Maharah Human Resources Co. (MAHARAH)

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Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

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Maharah H1 2021 net profit declines 34% to SAR 70 mln

Financials (M)

Current Quarter Comparison (M)

View other reports

Share Price

Maharah Human Resources Co. (MAHARAH)

Financial Ratios

Financial results (Million)

Financial results (Million)

Profit Performance (Million)

Profit Performance (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2021

Revenue by Business Segment (Latest) 2021 Q2

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